USD/CAD clings to daily gains above 1.3370 after US data
|- USD/CAD trades modestly higher above 1.3370 on Friday.
- US Dollar Index clings to gains near 94.50 ahead of Wall Street's opening bell.
- WTI struggles to hold above $40 in early American session.
After spending the first half of the day fluctuating in a tight range near 1.3350, the USD/CAD pair turned north in the last hours and touched a fresh daily high of 1.3390. As of writing, the pair was up 0.12% on the day at 1.3377.
DXY looks to end the week on a strong footing
The data from the US showed on Friday that Durable Goods Orders in August rose by 0.4% to miss the market expectation for an increase of 1.5%. Durable Goods Orders ex Defense, however, came in at +0.7% for the same period and surpassed analysts' estimate of +0.1%.
The market reaction to this data was largely muted. The US Dollar Index (DXY), which closed modestly lower on Thursday, preserves its bullish momentum in the early American session and was last seen gaining 0.25% on the day at 94.55.
On the other hand, crude oil's uninspiring performance is making it difficult for the commodity-related loonie to show resilience against the USD. Following a decisive rebound to $40.60 earlier in the day, the barrel of West Texas Intermediate (WTI) reversed its course and is currently down 0.67% on the day at $39.90.
There won't be any other macroeconomic data releases in the remainder of the day. Meanwhile, the S&P 500 futures turned positive after falling as much as 1% on Friday, suggesting a positive start in Wall Street could keep the USD's gains limited.
Technical levels to watch for
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.